Fort Lauderdale Hotel Site Becomes 43-Unit Condo Tower
Waterstone Capital and partners advance plans to replace the Pillars Hotel with a 15-story, 43-unit condominium at 109-111 North Birch Road. The project reflects Fort Lauderdale's growing appeal as an affordable alternative to Miami for condo development.
A joint venture led by Richard Waserstein's Waterstone Capital has advanced plans to transform a small Fort Lauderdale hotel into a 15-story condominium tower with 43 residential units.
The partnership, which includes Uri Bubil of Mazalub Real Estate and Roni Avraham of SR Holdings Group, received technical feedback during Tuesday's Development Review Committee meeting for their proposed Pillars Club & Residences. The project targets 109 and 111 North Birch Road, where the existing Pillars Hotel & Club currently operates with 18 hotel rooms and seven condo units.
Michael Landry's Landry Trebbi Investment Corporation sold the 111 North Birch Road property to the developers' Pillar Club and Residences LLC in January, according to public records. Georgia Bedford and Jan Behnke of Michigan own the adjacent 109 North Birch Road site.
Architect Kobi Karp designed the proposed tower, which will feature two penthouse units on the 14th floor along with amenities including a pool, spa, and fitness centers. Bay Harbor Islands-based Waterstone Capital serves as the lead development entity for the project.
Following implementation of the committee's technical recommendations and subsequent approval, the developers will present their proposal to Fort Lauderdale's city commission for final development authorization.
Fort Lauderdale has emerged as an attractive market for condominium developers seeking alternatives to higher-priced markets like Miami and West Palm Beach. The city and neighboring Pompano Beach currently have more than 3,900 condo units in various stages of development, with the pipeline continuing to expand.
Recent luxury projects underscore the market's momentum. Diana Ulis partnered with Indian developer MICL last month to launch sales for the planned Ritz-Carlton Residences, Fort Lauderdale Beach, featuring two 13-story buildings with 83 total units. Developer Miki Naftali began marketing his 45-story, 370-unit Viceroy Residences-Fort Lauderdale project in 2024.
The Pillars redevelopment represents the ongoing transformation of Fort Lauderdale's residential landscape, as developers capitalize on the city's beachfront location and relative affordability compared to other South Florida luxury markets. The project's progression through municipal approval processes signals continued investor confidence in the area's long-term growth potential.
